This book provides a thorough exposition of the traditional and the ‘modern’ micro-theory. It concentrates on the models of behaviour of the basic economic units, consumers and producers. The main emphasis is on oligopoly, which is the typical market structure of the modern industrial world. In addition, this Second Edition includes a third part covering the three important topics of the theory of factor pricing, general equilibrium theory and welfare theory. The new edition thus covers all the topics usually included in textbooks on price theory.
The book is written at an intermediate level, and is designed for undergraduate micro-theory courses. In addition, postgraduate courses, in which micro theory is taught not at too specialized a level, could make use of the text. The author has adopted the verbal approach, with extensive use of diagrams to illustrate the verbal exposition. Mathematical proofs (where necessary) are presented in footnotes, or, when in the text, they are printed in small print so as not to interrupt the main theme.
A wealth of features make this textbook unique in both coverage and approach.
Front Matter….Pages i-xvii
Front Matter….Pages 1-1
Theory of Demand….Pages 13-66
Theory of Production….Pages 67-104
Theory of Costs….Pages 105-150
Front Matter….Pages 151-151
Perfect Competition….Pages 153-170
Price Discrimination….Pages 192-201
Monopolistic Competition….Pages 202-214
Non-Collusive Oligopoly….Pages 215-236
Collusive Oligopoly….Pages 237-254
A Critique of the Neoclassical Theory of the Firm the Marginalist Controversy….Pages 255-270
A ‘Representative’ Model of Average-Cost Pricing….Pages 271-281
Bain’s Limit-Pricing Theory….Pages 283-304
Recent Developments in the Theory of Limit-Pricing….Pages 305-322
Baumol’s Theory of Sales Revenue Maximisation….Pages 323-351
Marris’s Model of the Managerial Enterprise….Pages 352-370
O. Williamson’s Model of Managerial Discretion….Pages 371-383
The Behavioural Model of Cyert and March….Pages 385-401
Theory of Games….Pages 403-413
Linear Programming….Pages 414-434
Front Matter….Pages 435-435
Pricing of Factors of Production and Income Distribution….Pages 437-483
General Equilibrium Theory….Pages 484-523
Welfare Economics….Pages 524-549
Concluding Remarks….Pages 551-552
Back Matter….Pages 553-581
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